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Japanese stocks rose after a U.S. payrolls report supported the Federal Reserve’s case to raise U.S. interest rates, sending the dollar higher against the yen and boosting the earnings outlook of Japanese exporters.

The Topix index gained 0.8 percent to 1,380.41 at the close in Tokyo after erasing losses of as much as 1.7 percent. The index fell 4.4 percent last week to wipe out all its advance after Bank of Japan Governor Haruhiko Kuroda’s Jan. 29 stimulus boost. The Nikkei 225 Stock Average added 1.1 percent Monday to 17,004.30. The yen weakened 0.5 percent to 117.37 per dollar.

Japanese stocks swung between gains and losses after a U.S. payrolls report supporting the Federal Reserve’s case to raise U.S. interest rates sent the dollar higher against the yen, boosting the earnings outlook of Japanese exporters.

The Topix index slipped 0.2 percent to 1,366.22 at the lunch break in Tokyo, having swung between losses of 1.7 percent and a gain of 0.1 percent. The index fell 4.4 percent last week to wipe out all its advance after Bank of Japan Governor Haruhiko Kuroda’s Jan. 29 stimulus boost. The Nikkei 225 Stock Average declined 0.2 percent to 16,790.58. The yen weakened 0.3 percent to 117.20 per dollar.

Friday’s payrolls report showed U.S. employers added 151,000 jobs in January, sending the unemployment rate to an almost eight-year low of 4.9 percent and pushing average hourly earnings up 2.5 percent from a year earlier. That followed a 2.7 percent jump in wages in December, the biggest advance since mid-2009.

Traders raised the possibility of at least one Fed rate increase this year to 53 percent, up from 46 percent on Thursday before the report. Against that backdrop of higher interest rates in the U.S, the BOJ introduced negative interest rates last month in Japan and said it will not hesitate to move them lower as necessary.